DOGE Poised for Bullish Breakout: Diamond Bottom Pattern Signals Potential Surge to $1.161

Dogecoin (DOGE) is showing strong signs of a bullish reversal, with technical analysts identifying a Diamond Bottom formation and an Ascending Wedge pattern. These patterns suggest significant upside potential, with price targets ranging between $0.275 and $1.161. As of May 8, 2025, DOGE has surged 4.57% to $0.172, pushing its market capitalization to $25.68 billion. Market sentiment is further bolstered by increasing odds of a Dogecoin ETF approval, now standing at 63%. While technical indicators present mixed signals—a neutral RSI contrasts with bearish MACD readings—the overall outlook remains optimistic for DOGE’s near-term performance.

Dogecoin Shows “Diamond Bottom” Formation, Bullish Reversal Likely

Dogecoin surged 4.57% to $0.172, pushing its market capitalization to $25.68 billion. Analysts identify a Diamond Bottom pattern and Ascending Wedge formation, suggesting potential upside targets between $0.275 and $1.161.

Market sentiment improves as Dogecoin ETF approval odds climb to 63%. Technical indicators present mixed signals—neutral RSI contrasts with bearish MACD readings.

The cryptocurrency’s recent performance reflects cautious Optimism among traders, with the Diamond Bottom pattern indicating possible reversal after prolonged downward pressure.

Dogecoin Poised for Potential Rally Toward $1 as Analysts Highlight Key Chart Patterns

Dogecoin, the original memecoin, is attracting renewed attention from crypto analysts who see technical indicators suggesting a significant price surge. The asset has historically defied expectations, and current market dynamics hint at another potential breakout.

A critical diagonal support line established since October 2024 continues to bolster DOGE’s price floor. Analyst Ali Martinez notes this trendline has triggered rebounds at every test, creating a reliable springboard for upward momentum. The $0.30 level emerges as a crucial psychological threshold—a breakout could catalyze movement toward the coveted $1 mark.

Can Dogecoin Still Hit $1 in 2025?

Dogecoin’s long-standing $1 price target remains a focal point for crypto enthusiasts, transitioning from meme to legitimate investment thesis. Currently trading around $0.17, the milestone appears distant but not implausible given recent market dynamics.

On-chain data reveals significant whale activity, with addresses holding 1-10 million Doge accumulating over 100 million tokens in the past week. Such large-scale buying often precedes notable price movements. Technical indicators compound this optimism—a rare bullish divergence in the RSI suggests underlying momentum building despite subdued surface-level trading.

The 2025 crypto landscape has shifted markedly, with altcoins like Dogecoin gaining institutional recognition. While the $1 target demands sustained buying pressure, these developments suggest DOGE may yet defy expectations.